Here’s a fact every business owner should know: Using tax preparation software for your business can be a dangerous business! Why? Because your odds of getting all your numbers into the right categories listed by your software are slim. Which invites an audit from the friendly IRS. Oh, sure. You can buy some type of audit defense or “representation insurance” to protect … [Read more...]
Hobbies
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Advice for handgun owners
I’d like to be a straight shooter and tell you that you can deduct the handgun you carry for business protection. But this is a tricky area. In fact, there’s just ONE court case that deals with this issue. If you want to find out more about this subject, I urge you to read my latest article titled Tax Tips: Can I Deduct My Handgun? Three ways our fact-filled article can help … [Read more...]
Make your hobby a business, now!
The “hobby” classification on a tax return can spell death for deductions. What can you do about it? Quit your hobby Make your hobby a business If you don’t choose number 2, you could wind up paying taxes even when your hobby produces zero income. Want to avoid this dangerous tax trap? Read my brand new article titled Tax Tips: Horse Hobby Needs Tax Psychiatric … [Read more...]
Good news for gamblers!
If you’re in the business of gambling, you just got lucky. You see, the Tax Court, in a new precedent-setting case, has decided that you may now deduct business expenses in excess of gambling losses! Before you head off to Vegas or Atlantic City, read my fact-filled article titled Tax Tips: New Tax Court Ruling Makes Gamblers Rejoice. Three ways our fact-filled article can … [Read more...]
Don’t let the IRS call your business a “hobby”
Are you running a business that’s losing money? Careful! The IRS might claim that your business isn’t a business at all but a “hobby.” Which means you won’t be able to deduct your losses! My name is Murray Bradford, CPA and the Publisher of the Tax Reduction Letter. I’m writing today to urge you to read my brand new article that may save you a ton of money! CLICK HERE to … [Read more...]